Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1887-01-21
GOV, P1ERCE'S MESSAGE.
An Able Document Reviewing
The Territory's Materi.
al Interests.

dA
Its Rapid Growth and Development
Discussion Of the Statehood
Question.
I Gov. Pierce delivered his retiring message
10 the legislature at 3 O'Clock on the afternoon
of the 18th. It's reading was most attentively
listened to by both houses, and is universally
regarded an able and comprehensive paper on
the affairs of the Territory.
Gentlemen of the Council and House of Eepre-
sentatives Once more the legislature of the
territory of Dakota has assembled in obedience
to law. With few exceptions the faces of those
who compose this general assembly are new to
these halls In the exercise of their sovereign
will and pleasure the people have seen fit to fill
the places of their former servants with other
men. who have gainedin daily intercourse with
them their esteem and confidence. But while
the personnel of law-making bodies may change.
Legislative authority and responsibility remain.
Men die officials change. but government en-
dures. For the time being this assemblage is
empowered to speak and act for the 10000 peo-
pie who comprise the population Of this terri
tory. 1t is a grave responsibility. How you
shall perform this representative work most
faithfully and effectively Is question that may
well inspire anxious thought and serious rehec-
tion.
an suspicious time, and under favorable condi-
tons. / do not remember period when better
Of the hard times SO generally fell throughout
the union. there has never been an assemblage OF
the legislature which found the fiscal concerns of
tO,rs w,
alton for territorial purposes is nov SO light as
to be scarcely felt by the people, and can be re-
duced still further in the near future. The treas
to pay all proper expenses of the territorial gov
ernment: and all reasonable appropriations. but
to pay off all the bonded Indebtedness of the
territory. which under the option contained in
the law, can be called in at this time,
Ninety thoneand dollars Of bonds, which it was
provided might be paid by the territory at it's oP-
been call for by the treasurer; but owing to
the neglect Of the law to provide exactly how
.cumstances interest on such bonds should there
after cease, holders have refused to- present
them for redemption. This difficulty should be
ting the treasurer 70 take advantage Of the OPP
ton reserved. and holders be required to either
refund the bonds at a lower rate Of interest, or
present them for redemption. The territory is
paying about S14 per day on these bonds. which
can be stopped at once if the legislature will
grant the necessary authority.
SALE OF BONDS.
The bonds authorized by the last legislature.
amounting to $4,000, were sold at LOB 2-lo and
the premium, amount ng to S563S.40. was cred
tied to the territory on the books of the treas
urer.
territory where bonds have - sold at Premium
indeed as late as the sumner of 1884, a similar
class of bonds were sold at rs and 9S1a. While
ing. and the growth and confidence in the finan-
cial standing OF Dakota very encouraging, there
is no question but that the per cent. bonds of
amount received. Two OF, three things have
operated to injure. in some degree, our financial
standing one is the fact that Dakota is still IN
popular as a rule. Another is the existence Of
the outstanding territorial warrants issued
under the law providing for the capital commits
warrants by the treasurer seemed to give the i'm
preston that the territory was either unable. to
pay, or else vas : endeayoring to repudiate her
believe that per cent. bonds can be sold at
par, and if long time bonds should be issued,
the interest ! can be made even less than that
cent. bonds having ten years to run will be worth
at least LIZ or lis; l am informed that such
blonde cannot be purchased to-day for less than
lilo.
It would no doubt DO better if our bonds were
not classified as agricultural College bends"
one general bond Of the territory This ' would
cause no embarrassment in any future division
If territorial for the appropriation
always states the object for which bonds are is
sued would also ls add to the Popularity Of
were made certain instead of optional with tho
territory. Investors do not like TO be in doubt
as to whether they have loaned money for five
years or ten or twenty.
RECElPTS AND EXPENDITURES.
The total receipts from all sources for the
biennial period covered by the treasurer's re-
port, including balance on hand at the close Of
1854 we're 81 1895. 2l6.67.
The total amount paid out for same period
was S1.l62,234U. leaving balance in the
treasury. November 80. 1885, of S2s2. 9s2.63. De-
Quoting the amount paid to counties as their
share of railroad tax, the amount of bonds, etc,
for permanent improvements OF public institu-
tions. and we havo balance of S7O6,278. which
represents the amount expended during the bien-
NAL period. Take from this the cost Of the con-
stitutional convention, the census. New Orleans
exposition, furniture and heating for capitol,
two years ago. lbut not required now) and the
total &C expenditure. less the bond interest, is
$5S8, 1898 for the ordinary expenses of the ter
r1torial government or $269, 9s8 per year. This
sum is divided us follows:
Vor,nillinn . on aon o,